London-listed Arix Bioscience (LON:ARIX ) announced on Wednesday that its portfolio company, Amplyx Pharmaceuticals (“Amplyx”) has closed a $53.0 million Series C extension.
Arix participated in the Series C back in 2017, committing $6m dollars in two tranches, this morning’s statement detailed.
The remaining $2.4m was drawn down in December 2019 to complete the original Series C financing, which has now been extended to include additional capital from new investors Pfizer Inc. (NYSE:PFE) and Adage Capital, on the original Series C terms.
Arix holds a 3% stake in Amplyx, a pre-clinical stage firm focused on innovative therapies for patients with compromised immune systems, which is currently valued at $6.4m, equivalent to £5.2m.
The proceeds brings the total Series C funds to over $90m which will be used to advance the clinical development of the company’s product candidates, fosmanogepix and MAU868.
Shares in Arix Bioscience opened flat at 81.5p in early trading on Wednesday morning.
Fosmanogepix (APX001) treats life-threatening fungal infections while MAU868 is used to treat BK virus which can cause significant morbidity and mortality in transplant patients.
“The current pandemic highlights the continued need for the development of safe and effective antimicrobial agents able to address emerging threats,” said Ciara Kennedy, CEO and President of Amplyx.
Amplyx said the financing will also enable the company to expand to proof of concept studies in other invasive and difficult-to-treat fungal infections, including invasive aspergillosis.
The financing was led by Sofinnova Investments, with participation from existing investors including New Enterprise Associates, Lundbeckfonden Ventures, Arix Bioscience, Pappas Capital, RiverVest Venture Partners, 3×5 Partners and BioMed Ventures.
“This impressive syndicate of investors shares Amplyx’s commitment to bringing life-saving, innovative medicines to patients with compromised immune systems,” said Kennedy.
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